A property survey confirms land boundaries. Potential buyers can use these surveys to define new parcels of land or identify a parcel of land that already exists but with unclear boundaries.
Many types of surveys are available to meet various needs, including:
- Land survey. A land survey shows property boundaries.
- Topographic survey. This form shows the elevation of land.
- Floodplain survey. This survey outlines any potential flood hazards within a specific area.
- Mortgage survey. A mortgage provider may require a mortgage survey. This form can include the boundaries as well as information about where a potential lender can make improvements, like the addition of a driveway.
These are just a few options. A buyer should take others into consideration to better ensure they choose the best option for their needs.
Why get a property survey?
Those who are buying a home may be required to complete a property survey by a mortgage company. This process can also provide valuable information as part of the title search because it can lead to information about restrictions or conditions on the land in question.
Cities, municipalities and other governing bodies may also require a survey before allowing a permit to complete work on the land.
Do they expire?
Outdated property surveys may still be accurate, particularly for city lots. However, an outdated survey for farm land or suburban areas may no longer provide accurate boundary information.
Those who are getting a property survey may have other conditions specific to their location. In Florida, for example, the Division of State Lands’ Bureau of Survey and Mapping is generally responsible for the surveying of any parcel that contains public land or involves information about water levels. This is just one agency a buyer may need to deal with, depending on the details of the proposed transaction.
A failure to complete a proper land survey or title examination could result in unforeseen consequences, such as hindrances or regulations that could limit future development. As a result, it is wise to seek assistance to better ensure a thorough land survey and tile examination is completed before finalizing a real estate transaction.